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Yield Enhancement Series: The Final Push – Find Your Unique Selling Proposition

March 11th, 2015

[This is Part 3 of the Yield Enhancement Series: The Final Push, offering actionable and effective strategies for the closing weeks of the yield season.]

Admissions teams across the country are in the midst of their most exciting, and yes, most stressful, time of year. Every communication you have with a prospective student right now could be the ONE that seals the deal.

No pressure, right? Consider this your review before the final exam. Here are a few key insights (backed by extensive research) that will help you frame the conversations you are having with the students in your admit pool in a more compelling way and help you win more enrollments.Yield-Enhancement-Series

First, get rid of assumptions. “I am going to cross Brandon off my list because he made it clear that he couldn’t afford us unless he got more financial aid,” or “Jessica’s mother told me that she wants her daughter to commit to XYZ University because we are just too costly.”

Not so fast. Before you give up on Brandon and Jessica consider this: As important as the issue of cost is in the college decision process, it may not be the driving force you have assumed it is. Actually, less than 27% of the students in our current “Excitement Factor” study (with over 13,000 participants) considered cost to be the overriding factor in their ultimate college selection.

Plus, 70% of students and parents told us they would reconsider a college they originally thought to be too expensive if it can demonstrate greater value. (See our report Your Value Proposition: How prospective students and parents perceive value and select colleges.)

We know with certainty, through our research and providing counselor training workshops on college campuses across the country, that Brandon and Jessica (and every other student in your pool who has expressed cost sensitivity) represent an opportunity for you to demonstrate your school’s unique value proposition. But first you have to define it. From the perspective of the student and parent. Not yours!

I am willing to bet that you can list 20-plus outstanding attributes about your college right now. Reasons why someone should come to your school. If so, good job.

The problem is: the students and parents you are talking to are hearing the exact same thing from every other college they are considering. That is the bitter truth!

To differentiate your college you must pinpoint the attributes that are unique to your school.differentiate-yourself-from-the-crowd It’s not just what you have in the way of programs, facilities and people. It’s what your institution believes in. It’s the type of students your institution attracts. It’s the type of experience you offer that is unavailable anywhere else.

Try this exercise. It will bring focus to your ability to distinguish your institution from all others. Make a list of all of the things you say about your college and all of the reasons you think a student would find your school attractive. Now, look at each item on your list and ask yourself, “Are my prospective students hearing the same thing from any other college?” Be brutally honest.

If you think other colleges are likely to be saying the same thing that you’re saying about yourself, then cross it off your list. At the end of the exercise count how many items you have left.

We frequently do this exercise in our Interactive Counselor Training Workshops on college campuses all over the country. I can tell you that, in most cases, the big list of “reasons why to attend” gets whittled down to nothing. Then, we challenge the counselors to identify the beliefs, culture and characteristics that are genuinely special about their school.

By forcing yourself to go through this very introspective process you will have discovered what truly makes you exceptional among the many choices available to prospective students.

I guarantee that in many ways your college is truly distinctive. Identifying those attributes allows you to have focused and engaging conversations with the students in your pool.

At this stage of the cycle, every conversation should include a highly-personalized discussion of the value you provide, matching your college’s unique attributes to what is most interesting and exciting to that student. This is your opportunity to demonstrate how your value delivery outweighs your cost.

We help colleges and universities with their recruiting efforts every day, especially now during yield season. If I can help you, please let me know.

Continue the conversation on Twitter @LongmireCo.   For more information about Longmire and Company’s Interactive Counselor Training Program, click here. Be sure to Subscribe to Versions of Conversion today so you don’t miss any of this highly-valuable information

RickMontgomery_100x100Rick Montgomery is as an Enrollment Strategist at Longmire and Company. With over 20 years in higher education marketing, he brings an innovative and dynamic approach to helping colleges and universities meet their enrollment goals. Rick can be reached at 913/492.1265 x.708 or via email at rmontgomery@longmire-co.com.

 

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Posted in Behavior, Closing the Sale, Conversion and Yield, Counselor Training, Research, Your Value Proposition

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Yield Enhancement Series: The Final Push – Overcoming the “Cost Conundrum”

March 4th, 2015

[This is Part 1 of the Yield Enhancement Series: The Final Push, offering actionable and effective strategies for the closing weeks of the yield season.]

Yield-Enhancement-SeriesThere is no better time than right now to consider these key points for sealing the deal with prospective students and parents. A review of findings from our nationwide study, Your Value Proposition: How prospective students and parents perceive value and select colleges provides essential insights you can use today to frame more meaningful conversations with the students in your admit pool.

Cost isn’t always a deal breaker.

Here is a dilemma: In spite of your best efforts and the diligence of your financial aid office, some of your admitted students don’t qualify for as much as they hoped and/or needed. Are you going to lose them to a lesser priced alternative? Not necessarily.

Yes, cost is a factor, an important one, in the college decision process.  But it may not be the driving force you have assumed it is. Actually, less than 27% of the students in our current “Excitement Factor” study (with over 13,000 participants) considered cost to be the overriding factor in their ultimate college selection.

Of the three primary drivers of college selection (cost, perceived quality of the institution and the student’s excitement about attending) we found that excitement about attending is much more strongly correlated to likelihood of enrollment than the other two factors. And by “much more” I mean TWICE as much.

From “too expensive” to “totally worth it!”

Likely_To_ReconsiderEven though a student or parent may initially view a college as being “too expensive,” 70% would be likely (25% very likely) to reconsider the college if it can demonstrate greater value. When asked to identify the added value that would be required, numerous students and parents mentioned a scholarship or other financial incentive. However, the majority mentioned added values that are non-monetary such as “greater opportunities,” “job placement,” “better internships,” “superior academics,” and other factors that would make their time at college more enriching, rewarding and enjoyable. Presenting your own college’s unique value proposition in a way that resonates with an individual student is key to overcoming the cost conundrum.

The important conversation colleges are not having.

For most students, colleges are not engaging in a conversation with them prior to enrollment in which the student’s expected or desired value is explicitly discussed. Only 2 in 10 study respondents recall having a discussion with the college about obtaining the highest value from their time and investment. When asked how colleges can best communicate their value, students and parents give widely varying suggestions, indicating that a highly personalized approach is necessary.
Maximize_ValueThe road to graduation is long and has many twists and turns and it all begins with the decision students are making right now. Your challenge is to remain fully and continually connected with them in order to provide the highest level of personal service in all areas that will influence their realization of the full value your college provides.

We are helping colleges with their recruiting efforts every day, especially now during yield season. If I can help you please call or shoot me an email.

Continue the conversation on Twitter @LongmireCo.   For more information about Longmire and Company’s Interactive Counselor Training Program, click here. Be sure to Subscribe to Versions of Conversion today so you don’t miss any of this highly-valuable information.

Karen Full picKaren Full is a highly-respected higher education professional who has held positions in admissions and enrollment management at several institutions in the Midwest and Florida. With her vast experience working with large and small, public and private colleges, Karen brings a valuable perspective to her role as an Enrollment Strategist at Longmire and Company. Call Karen at 913/492.1265 x.711 or email her at kfull@longmire-co.com. Follow Karen on Twitter @KarenAFull.

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Posted in Behavior, Closing the Sale, Conversion and Yield, Parents

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Yield Enhancement Series: Improve Pre-enrollment Service for Greater Yield

February 24th, 2015

A single, isolated incident can change everything. Just ask Liz, an admissions counselor who had been working with a certain prospective student for several months. “Joe is a bright kid,” she told me recently. “He is passionate about biology and was really excited about our top-notch science department. He’d had a great conversation with one of our biology professors and a good visit with a third-year student who is microbiology major. We seemed like the perfect fit for him. I was absolutely sure he would enroll. Then, something happened….”Yield-Enhancement-Series

What happened was that Joe and his parents had less than a stellar experience on their recent campus visit. Specifically, the campus “grounds appeared unkempt, the restrooms were unclean, and some staff members were not helpful or friendly.” This is what Joe’s mother told Liz after he enrolled at another university.

As an admissions professional, you know how crucial first impressions can be. In our national co-sponsored study, Pre-Enrollment Service Study: How customer service delivery during the recruiting cycle influences enrollment, we found that over 53% of students and parents say that the pre-enrollment service they receive from a college influences their selection decision.

They also say that service is one of the best ways to differentiate one college from another. The fact is: Prospective students and parents view the pre-enrollment service they receive as predictive of how the student will be served after enrollment. They will avoid colleges that exhibit bad service during the “college shopping” process.

Certainly, every communication, every interaction, every brand touch- point with a prospective student and/or parent has the potential to make or break the relationship that you have worked so hard to establish.

You may know this, but does every other member of the team? And, by “team,” I mean every person at your college whose actions may influence the enrollment decision. Certainly, interactions with faculty, admissions and financial aid are critical, but many schools are surprised to find the impact that campus maintenance, grounds keeping, security and even the switchboard operators can have on creating a lasting impression.SQM_Logo_160x120

Colleges and universities that score the highest in pre-enrollment service are those that view prospective students and their parents as important customers. They typically engage every person on campus in a customer service plan with clear and actionable instructions and objectives. Most importantly, they express to each person how key their role is, and offer specific ways they can help the institution improve provide the best possible customer service.

The research suggests that for most colleges, improved pre-enrollment service offers an immediate opportunity to differentiate themselves in a highly-competitive marketplace. Best time to start the process? Today!

Longmire and Company offers Service Quality Management (SQM) to help you achieve these goals. Contact me today and I will show you how we can help you measure and manage your pre-enrollment service. Continue the conversation on Twitter @LongmireCo.

Click this link for more information about Longmire and Company’s Yield Enhancement System (YES). [Subscribe to Versions of Conversion today so you don’t miss any of this highly-valuable information.]

RickMontgomery_100x100Rick Montgomery is as an Enrollment Strategist at Longmire and Company. With over 20 years in higher education marketing, he brings an innovative and dynamic approach to helping colleges and universities meet their enrollment goals. Rick can be reached at 913/492.1265 x.708 or via email at rmontgomery@longmire-co.com.

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Posted in Closing the Sale, Conversion and Yield, Customer service, Parents

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Yield Enhancement Series: Give Your Prospects an Oscar-Worthy Red Carpet Treatment

February 18th, 2015

This week marks the 87th Annual Academy Awards Ceremony, commonly referred to as “The Oscars.” Over 40 million of us are expected to be glued to our televisions, soaking up all the Hollywood glitz and glamour. We know that you have much more important events on your radar right now like organizing dynamic campus visits for your Class of 2015 recruits, but maybe you can do both!Yield-Enhancement-Series

Perhaps Oscar can teach us all a few things about giving Red Carpet Treatment to prospective students and their parents that will make those visits, and all of our interactions, more memorable.

A recent nationwide study conducted by Longmire and Company of nearly 5,000 prospective college students and parents showed that 53% reported that their decision to enroll in a given school was heavily influenced by the level of service they received during the “college shopping” process. The study found that poor service delivery, across any brand touch point, often outweighs other important factors, including strength of academic programs, faculty reputation and even the financial aid. Students and their families believe that the type of service they receive during the college selection process is indicative of the overall service culture of the institution.

Colleges and universities, large and small, public and private, are taking this to heart and adopting a more student-centric approach to campus-wide service, especially during the college shopping process. Our Service Quality Management assessments are industry-fresh and reflect the current demands and expectations of students and parents both pre- and post-enrollment.

Here are a few Oscar-worthy concepts you may want to implement.

Roll out the Red Carpet

One of the highlights of Oscar night is the red carpet entry. Many colleges have designed a special welcome to give their campus visitors that superstar experience. Some have assigned parking spaces and personalized welcome signage. Seeing your name in lights, so to speak, is always a thrill and a sure way to make sure that student knows how important he or she is to you. We know of one college that actually has the parking detail prepped with individual knowledge about the incoming students so that each is met with a customized greeting when they enter the parking lot; “Welcome, Joe, I heard your high school band had an amazing performance at the Rose Bowl this year with you playing the trumpet.”

Don’t Miss the Photo Ophttp://www.dreamstime.com/stock-photo-red-carpet-image18497910

Hollywood knows the importance of a well-timed picture and you can, too. A photo of a prospective student with the school mascot or at a college landmark that they can take home with them at the end of the day, or is mailed the following week with a (handwritten, perhaps?) note of thanks, can have a great and lasting impact.

Rub Elbows with Celebrities

Even Hollywood celebrities can be star-struck when they get the chance to rub-elbows with the actors, directors and producers they have always admired. Make sure your prospective students get to socialize with your campus “celebrities,” too. For Joe, the trumpet player, the celebrity list might include the band director and another trumpet player. The aspiring journalist would most likely enjoy a visit to the school’s newspaper office. Your current student population, your faculty, and the college administration is full of celebrities—enlist their support.

SWAG

Nominees at this year’s Oscars will reportedly get $160,000 in gift items each. If that seems a little rich for your budget, don’t despair. You can leave a lasting impression with your recruits for a whole lot less. Backpacks, t-shirts, mugs, fresh-baked cookies with your logo are just a few of the myriad of items that can be given as a take home gift. Most importantly, make sure the SWAG is meaningful and will invoke the positive memories that you have worked so hard to create. Another Oscar-worthy tip: get local businesses to help defray the cost. Is there an area bakery or candy company who would like to provide goodies for the exposure? You don’t think that the Academy pays for all that SWAG, do you?

If I can help you with your recruiting efforts in any way, please feel free to call or email me. I would love to talk to you about our powerful and effective Yield Enhancement System (YES). My contact information is at the bottom of this post.

Continue the conversation on Twitter @LongmireCo.  Be sure to Subscribe to Versions of Conversion today so you don’t miss any of this highly-valuable information.

Karen Full picKaren Full is a highly-respected higher education professional who has held positions in admissions and enrollment management at several institutions in the Midwest and Florida. With her vast experience working with large and small, public and private colleges, Karen brings a valuable perspective to her role as an Enrollment Strategist at Longmire and Company.

Call Karen at 913/492.1265 x.711 or email her at kfull@longmire-co.com. Follow Karen on Twitter @KarenAFull.

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Posted in Closing the Sale, Conversion and Yield, Customer service, Parents

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